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The casual luxury brand lost $163 million last year as it's struggled to compete in a turbulent retail landscape.

Plus, Vince's founders have exited the company for the second time in recent history.

Sales declined over 20 percent this fall, so he has his work cut out for him.

Will this help the brand push into uncharted territory while staying true to its roots?

The news comes just seven weeks after its CEO and chief creative officer jointly resigned.